Ex-BitGo CTO Ben Chan Joins Chainlink To Build Scaling Solutions

The ex-BitGO CTO Ben Chan, has joined Chainlink to built a layer-2 scaling solution for the network as we are reading in our latest chainlink coin news.

The Threshold Signatures scaling solution will aggregate data and will send it to Chainlink customers in one transaction. The move came as many projects are working to solve the recent issue with high transaction fees on ETH. Chainlink announced that Ben Chan who was a custody provider at BitGo will serve as VP of Engineering at chainlink Labs.

The hire will help Chainlink create a scaling solution for decentralized oracle networks and will lower the gas costs for node operators and preparing it to support the next level of DeFi growth. Chan will focus on creating the Chainlink layer 2 scaling solution named Threshold Signatures and the goal is to provide services for thousands of customers across multiple blockchains:

“I’m thrilled to be working on Chainlink and excited to help build the industry standard for decentralized oracles. Scalable, secure and reliable data infrastructure for DeFi today will be the next foundational building block to unlock the future in smart contracts.
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Chainlink provides a decentralized network of data oracle nods to send real-world data measurements like the crypto prices or weather conditions to blockchain-based applications. The automatic code blocks known as smart contracts including the ones on Ethereum, use data to execute activities that underpin the entire DeFi space which is a group of decentralized finance protocols that provide financial services for crypto users. Chainlink provides data to a lot of the leading Defi protocols including derivatives platforms like Synthetix and Ampleforth. Chan said:

 “I think Chainlink is really going through an amazing phase now. It’s seen huge growth providing reference data infrastructure for DeFi, and what I think is even better is that there is even more potential across other verticals and use cases.”

Excited to join @Chainlink! Building infra for crypto is my passion. Trustless digital agreements were a dream when I began my crypto journey. Today, scalable and reliable data networks for smart contracts is what I believe will unlock the next phase of growth for #DeFi. https://t.co/5aBpNXlfhW

— Benedict Chan (@bencxr) October 16, 2020

As the ex-BitGo CTO, Chan helped develop a multi-signature wallet solution that will help the company facilitate about 15% of the global BTC transactions. Threshold Signatures will function similarly to the optimistic rollups that were tested in other parts of the crypto world by aggregating the data provided by decentralized oracle providers. This will lower the number of transactions needed to confirm the data is accurate